Mobile Applications Market Is Projected to Rise at a CAGR of 11.1% from 2016 to 2024

New York, NY — (SBWIRE) — 09/28/2018 — Leading players operating in the global mobile applications are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., China Mobile Limited, Opera Software, SAP SE, Hewlett Packard Enterprise Development LP, and Microsoft, notes Persistence Market Research (PMR). Of these, Google accounted for the major share of 18.6% in 2016 and led the Android-based mobile applications segment, while Apple Inc. accounted for the substantial share of 17.8% in the global market in the same year, finds PMR. These leading players are focusing on strategic acquisitions and mergers, and bringing in technology advancements in their offerings, in order to consolidate their shares in various regions. A number of prominent players are adopting competitive pricing strategy, in a move to get a better foothold in the market.

The global mobile application market estimated valuation at the end of 2016 was US$38.29 Bn and is predicted to reach a worth of US$94.15 Bn by the end of the forecast period (2016 – 2024). The market is projected to rise at a CAGR of 11.1% from 2016 to 2024.

Of all the various end-use segments, the games segment is anticipated to hold a significant share during the assessment period and is estimated to contribute almost 50% share in the global market. The segment is projected to be worth US$43.99 Bn by the end of 2024. The various regional markets for mobile applications are North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Of these, presently, the APAC dominates the global market and is expected to retain its lead throughout the assessment period. The market is estimated to account for a regional share of 44.6% by the end of the forecast period.

Rising disposal incomes in several developing nations and the constant advancements in telecommunication technology are key factors driving the market. The rising spending of urban populations on mobile applications in various developed economies and the substantial demand for mobile devices are key factors fueling the mobile applications market in these regions. A burgeoning m-commerce industry in various developing and developed regions are key factors accentuating the market. The rising internet penetration and the vast increase in social media subscriptions worldwide are notable trends bolstering the demand for mobile applications.

The rising adoption of next-generation telecommunication technologies such as long-term evolution (LTE) and 5G is a key factor expected to open up promising avenues for market players. The vast rise in electronics manufacturing sector in a number of emerging economies is a notable trend anticipated to stoke the demand for mobile applications. Furthermore, the demand for more automated application in the area of gaming world over is a key factor expected to catalyze the growth of the market.

In recent years, the market has witnessed a surge in strategic investments by prominent technology players and electronics companies for expanding the in-house production of their application processors. This is on account for the strategy for differentiating their offerings from their competitors and is motivated by the move to maintain a sustained market share. For instance, native ecommerce apps offer the benefits of personalized shopping experience. Advancements in payments making them more secure and reliable are key trends expected to boost the adoption of m-commerce.

The rising popularity of mobile commerce in various developing and developed regions, especially among working populations, is bolstering the demand for mobile applications. Furthermore, this significant factor is likely to accentuate the market in the coming years. The launch of integrated and smarter mobile apps is expected to create lucrative avenues for market players. The advent of augmented reality mobile apps bodes well for the market.